The Asstt. Commissioner of Income-tax v. Pallavi J. Kineriwala
[Citation -2014-LL-1119-71]
| Citation | 2014-LL-1119-71 |
|---|---|
| Appellant Name | The Asstt. Commissioner of Income-tax |
| Respondent Name | Pallavi J. Kineriwala |
| Court | HIGH COURT OF GUJARAT AT AHMEDABAD |
| Relevant Act | Income-tax |
| Date of Order | 19/11/2014 |
| Assessment Year | 1991-92 |
| Judgment | View Judgment |
| Keyword Tags | monetary limit • tax effect |
| Bot Summary: | By way of this appeal, the appellant-Revenue has challenged the judgment and order dated 23.7.2001 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench B in ITA No. 4189/Ahd/1995 for AY 1991-92. While admitting this appeal on 8.12.2003, this Court has framed the following substantial questions of law: Whether the Appellate Tribunal has substantially erred in law and on facts in holding that assignment of assessee s share in the partnership firm, in favour of a body of individuals creates overriding title in favour of a body of individuals and that the said income cannot be treated as income of the assessee Whether the assignment of part of his share from the partnership firm by the assessee in favour of a body of individuals is not the real income of the assessee but of the body of individuals and as such assessable only Page 2 of 3 Downloaded on : Mon May 18 10:57:30 IST 2020 O/TAXAP/37/2002 JUDGMENT in the hands of the body of individuals 3. The learned Counsel for the respondent- assessee has however, pointed out that the appeal involves low tax effect. The amount in dispute is below Rs. 2 lacs. He pointed out that at the relevant time as per Board s circular which now has statutory effect by virtue of Section 368A of the Income Tax Act, introduced with retrospective effect, monetary limit prescribed for preferring appeal before the High Court was Rs. 2 lakhs. In view of above, this appeal is disposed of only on the ground of law tax effect without touching the legal issues involved. |